Greek Crisis Has People Turning To Bitcoin

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Greece has halted all Internet payment transactions that uses the Greek debit or credit cards. This is the latest move the country’s banks have taken in response to the continuing financial crisis. Earlier, Greece had imposed a 60 euro daily withdrawal limit and closed all banks nationwide.

As the Greek crisis rages, the concern is that Greece will stop using the Euro for its currency. Due to the tight restrictions amidst the crisis, many Greeks have turned their attention to Bitcoin to protect their savings.

Bitcoin’s value has increased more than 16 percent since the beginning of June. Exchanges operators said the trading volume has significantly increased since the Greek crisis took shape.

The news comes as no surprise, as limitations have been placed on Greek credit and debit cards when used on Amazon and other online stores.

Polish bitcoin exchange Bitcurex revealed that it has received a score of emails from Greeks regarding Bitcoin, its validity in Europe, and how it can be used. For the most part, Bitcoin can’t be used to purchase groceries or for medical care. However, its decentralized digital nature makes it a worthwhile option for people to store or transfer money. To respond to the influx of new Greek users, Bitcurex has waived transaction fees for Greek citizens.

Since the Greek crisis took shape, bitcoin prices have risen to $250 per coin. Although still much lower than the $1,000 per coin mark in 2014, it’s anyone’s guess what will happen to the price after the Sunday vote in Greece.

Coinbuzz

CoinBuzz provides news and analysis on Bitcoin and other digital currencies. Founded in 2014, the site has quickly become a leading source of information on digital currency technologies, businesses, markets, and regulation.

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